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All Journal Global Review of Islamic Economics and Business Amwaluna Jurnal Ekonomi dan Keuangan Syariah JURNAL AKUNTANSI Wiga : Jurnal Penelitian Ilmu Ekonomi Indonesian Journal of Economics and Management Journal of Islamic Economics and Business Journal of Business Management and Islamic Banking
Yulandri, Elsa
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Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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Determinants of Firm Value with Conditional Process Model: Evidence from Healthcare Sector Companies in Indonesia Yulandri, Elsa; Sari, Maya; Waspada, Ikaputera
JURNAL AKUNTANSI Volume 19, Nomor 1, Mei 2024
Publisher : Jurusan Akuntansi Fakultas Ekonomi Universitas Siliwangi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37058/jak.v19i1.8949

Abstract

This study aims to analyze the variables that affect the value of health sector companies in Indonesia, using the conditional process model with variables of Intellectual capital, IOS, DPR, Leverage, and firm size. The research method used is a descriptive method with a non-experimental quantitative approach. The population of this study was 30 health sector companies indexed on the IDX-IC Indonesia Stock Exchange. Furthermore, using a purposive sampling technique with the main criteria, nine companies were obtained as samples. Important findings in this study are that IOS is a predictor that has the strongest relative total effect on firm value, and IOS also plays a role in mediating the effect of intellectual capital and firm size on firm value. Next, leverage is found to moderate the effect of IOS on firm value positively. IOS optimization is influenced by intellectual capital. Thus, health sector companies must improve and manage intellectual capital well. Health sector companies can maximize their debt to invest in new products or expand the production of existing products. This provides theoretical implications for the firm value literature, where mediation and moderation models using IOS and Leverage in this research context are still limited.
Exploring the Intention Purchase of Halal Food Products: Evidence from Indonesian Non-Muslim Consumers Suci Asih, Vemy; Yulandri, Elsa; Gojali, Dudang; Husen Sobana, Dadang; Setiawan
Journal of Business Management and Islamic Banking Vol. 2 No. 3 (2023)
Publisher : UIN Sunan Kalijaga Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jbmib.v2i3.2088

Abstract

Research Aims:  It is necessary to know what factors attract non-Muslims to consume halal food products so that the right marketing strategy is obtained to expand that market. Research Method: The approach used is descriptive quantitative, multiple regression analysis. The characteristics of the study sample are Indonesian non-Muslims. Data was obtained through questionnaires, with a sample of 180 respondents. Research Findings: The results of the study show the variables that influence the intention to purchase halal products are product ingredients, product safety, and subjective norms. Product awareness does not affect the intention to purchase non-Muslim halal products. Originality: There is no research that discusses the factors that influence purchase intention, with a sample of Indonesian non-Muslims, and with the same variables as this study. Implication: Halal food products are available and can be consumed by Muslim and non-Muslim communities, so halal products have great potential to continue to grow.
Disclosure Within Shopping Apps-Mobile Based: Usage Determination Factors Yulandri, Elsa; Hurriyati, Ratih; Dirgantari, Puspo Dewi
Wiga : Jurnal Penelitian Ilmu Ekonomi Vol. 14 No. 2 (2024): September 2024
Publisher : Institut Teknologi dan Bisnis Widya Gama Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30741/wiga.v14i2.1216

Abstract

Although Indonesia is recorded as the third-largest country in terms of mobile shopping application installations globally, the level of mobile shopping activity remains low. This study employs a quantitative research design to analyze the roles of personalization, direct marketing, and hedonic value in shaping behavioral intentions and their impact on the usage behavior of mobile shopping applications. Data were collected through a survey using a purposive sampling technique, involving 282 Gen Z respondents in Indonesia. The questionnaire underwent measurement model testing through Outer Loading, Construct Reliability and Validity, and Discriminant Validity to ensure reliable results, followed by hypothesis testing using SEM-PLS data analysis techniques. The analysis reveals that direct marketing, personalization, and hedonic value have a significant direct influence on behavioral intentions, explaining 93.2% of the variance. Additionally, behavioral intention is found to directly affect usage behavior, although this model accounts for only 37.4% of the variance. Most importantly, behavioral intention mediates the influence of direct marketing, personalization, and hedonic value on usage behavior. These findings suggest that personalization, direct marketing, and hedonic value are crucial factors in fostering behavioral intentions among Gen Z in Indonesia, thereby enhancing the usage of mobile shopping applications.
The Impact of Halal Certificate Ownership on MSME Income in Indonesia Novari, Eri; Asih, Vemy Suci; Yulandri, Elsa; Supratman, Iman; Gojali, Dudang
Indonesian Journal of Economics and Management Vol. 4 No. 3 (2024): Indonesian Journal of Economics and Management (July 2024)
Publisher : Jurusan Akuntansi Politeknik Negeri Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35313/ijem.v4i3.6405

Abstract

The ownership of halal certification can raise the likelihood of increasing SMEs' well-being, especially through revenue enhancement, according to this research, which empirically investigates the elements thought to motivate SME actors to seek halal certification. To accomplish the predefined research goals, the researcher employed a questionnaire survey with SMEs in Indonesia to gather data. The sample was chosen using the Cluster Random Sampling approach, and structural equation modeling (SEM) was used for analysis. The findings show that halal certification ownership affects income improvement, while halal literacy and accessibility affect halal certification ownership. The findings demonstrate how halal knowledge and accessibility affect the ownership of halal certification and how this affects SMEs' well-being. The research findings have management effects, such as offering a model for halal certification ownership as a policy guideline and promoting Halal Go Digital to help SMEs digitize their operations and make use of helpful features. With the use of this research, the government may develop a halal supply chain that involves both public and commercial entities and is coordinated across sectors.
Bibliometric Analysis of Value at Risk in Islamic Portfolio: Trends, Gaps, and Future Directions Yulandri, Elsa; Heryana, Toni; Utama, Wahyudayanto; Nugraha; Waspada, Ikaputera; Purnamasari, Imas
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.45494

Abstract

This study explores trends, intellectual structures, and thematic evolution in the literature on Value at Risk (VaR) for Islamic portfolios, identifying research gaps and proposing future directions. Using bibliometric analysis, it synthesizes 311 articles from the Scopus database (2005–2025) through Biblioshiny in RStudio and VOSviewer, focusing on publication trends, influential authors, affiliations, and thematic structures. The findings reveal steady growth in VaR literature for Islamic portfolios, with a 3.53% annual growth rate and contributions from 677 authors. Key contributors include Hammoudeh S., Mensi W., and institutions like International Islamic University Malaysia and Prince Sultan University. Thematic analysis highlights advanced methodologies such as GARCH and wavelet analysis, enhancing Islamic finance approaches. Thematic evolution shows a shift from foundational Islamic finance topics to complex analyses of volatility spillovers and dynamic connectedness. The study identifies nine research clusters and recommends integrating ESG considerations, improving risk management, and strengthening portfolio diversification. This research offers valuable insights for practitioners and policymakers in Islamic finance, underscoring the importance of tailored risk assessment tools. It provides a roadmap for scholars to address gaps, particularly in adapting conventional VaR methods to align with Islamic principles. To the authors’ knowledge, this is the first comprehensive bibliometric analysis on VaR in Islamic portfolios, significantly contributing to the literature by mapping intellectual landscapes and offering actionable future research directions.
Strengthening Financial Literacy and Inclusion in Islamic Cooperatives Through Mentorship and Counseling in Indonesia Husen Sobana, Dadang; Kamaludin Yusup, Deni; Suci Asih, Vemy; Yulandri, Elsa; Zulfikar Ahmad, Fauzi
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

West Java has a higher Sharia financial inclusion index than the national financial inclusion index, but this is not followed by the Islamic literacy index. This study aims to measure the increase in Islamic financial literacy and inclusion in the Islamic cooperative sector (BMT/KSPPS) before and after mentoring and counseling programs related to Islamic financial inclusion and literacy in West Java communities. The method used in this study is the Community-Based Participatory Research (CBPR) Method. The type of data used is primary data, which is obtained from the results of questionnaires and interviews in the field. The objects of service are categorized into two, namely mentoring programs for administrators and members of the BMT Al Muhsinin KSPPS, and community extension programs, and members of the ta'lim council in the BMT Al Muhsinin area. The data analysis technique uses a paired sample t-test difference test, with pre and post-test data related to Islamic financial literacy and inclusion. The results showed that there were significant differences before and after the mentoring and counseling. The four clusters carried out by mentoring and counseling began to understand more deeply important aspects of Islamic cooperatives such as the role of the Islamic supervisory board, the sales and purchase contracts used, daily practices, and profit-sharing ratios. With enhanced understanding, cooperative members and the general public have better access to Islamic financial services, which in turn can improve their economic well-being and support local economic development.
Assessing Returns of IDX Sharia Growth Stocks: Applying The Fama-French Five-Factor Model For Portfolio Optimization Yulandri, Elsa; Sobana , Dadang Husen; Asih, Vemy Suci; Nugraha; Waspada, Ikaputera; Sari, Maya
Global Review of Islamic Economics and Business Vol. 13 No. 1 (2025)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2025.131-06

Abstract

This study examines the influence of the Fama-French five-factor model on the excess return of stocks listed in the Indonesia Stock Exchange Sharia Growth Index and offers recommendations for optimizing Sharia-compliant portfolios. The model includes five independent variables: overall market return, firm size (measured by the return difference between small and large firms), book-to-market value, profitability (difference between firms with strong and weak earnings), and investment strategy (difference between conservative and aggressive asset growth). The analysis uses quarterly data from 2022 to 2023 and selects 14 companies from the index based on data completeness and consistent listing. Multiple linear regression with the Ordinary Least Squares method reveals that only the market return and firm size factors have a significant effect on excess return, with firm size having the strongest impact. Meanwhile, the book-to-market value, profitability, and investment strategy factors do not show significant individual influence. However, when assessed collectively, all five factors explain 93.06 percent of the variation in excess return, indicating the model’s overall strength. The study is limited by its short time frame due to the recent launch of the index and its relatively small sample size. These findings suggest that Sharia-compliant investors should prioritize firm size and market trends in portfolio construction. Future research should incorporate longer time periods, broader index comparisons, and qualitative factors such as investor sentiment or environmental, social, and governance indicators to enhance understanding of return behavior in Islamic equity markets.
Tobin's Q Modeling Through the Du Pont System Financial Performance Method Using SEM-PLS Yulandri, Elsa; Hertina, Dede; Asih, Vemy Suci
AMWALUNA (Jurnal Ekonomi dan Keuangan Syariah) Vol 7, No 2 (2023)
Publisher : Univeristas Islam Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v7i2.10899

Abstract

This study aims to examine the factors that influence Tobin's Q. This goal is achieved by testing the Debt to Equity Ratio (DER), Dividend Yield, and Firm Size through the financial performance mediating variable using the du Pont system method. This study uses a population of 20 companies indexed in the High Dividend Index of the Indonesia Stock Exchange with a saturated sample technique. The 20 companies are the samples in this study. This research approach uses descriptive quantitative that is path analysis to test the hypothesis that has been formed. The most important research result is that the financial performance of the du Pont system method affects mediating the Debt to Equity Ratio (DER) and Firm Size of Tobin's Q. Then, partially Dividend Yield and Financial Performance of the du Pont system method significantly influence the company's Tobin's Q. High Dividend Index 20
Co-Authors Dede Hertina Gojali, Dudang Heryana, Toni Ikaputera Waspada, Ikaputera Imas Purnamasari Kamaludin Yusup, Deni Maya Sari Novari, Eri Nugraha Puspo Dewi Dirgantari Ratih Hurriyati Setiawan Setiawan Sobana , Dadang Husen Sobana, Dadang Husen Suci Asih, Vemy Supratman, Iman Utama, Wahyudayanto Vemy Suci Asih, Vemy Suci Zulfikar Ahmad, Fauzi